Mamut profits increase on static revenues

Financial software company Mamut has continued to increase its earnings, despite static revenue growth.

The company reported third quarter earnings before interest and tax of Norwegian krone (NOK) 4.6m (£494,000), a 60% increase on the same period last year. This was achieved despite a small drop in revenue to NOK 113.4m from NOK 113.8m in Q3 2009.

This follows on from a 27% increase in profits in the second quarter, also on falling revenues.

The company said it sees “considerable growth potential” following the launch of Mamut One in combination with existing customer bases in acquired companies.

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